Business, 17.12.2019 02:31 msmaporter

On june 30, 2018, the high five surfboard company had outstanding accounts receivable of $600,000. on july 1, 2018, the company borrowed $450,000 from the equitable finance corporation and signed a promissory note.

interest at 10% is payable monthly. the company assigned specific receivables totaling $600,000 as collateral for the loan. equitable finance charges a finance fee equal to 1.8% of the accounts receivable assigned. required:
prepare the journal entry to record the borrowing on the books of high five surfboard. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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On june 30, 2018, the high five surfboard company had outstanding accounts receivable of $600,000. o...